'Laissez-faire' capitalism is finished, says France

LongTomH

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Fri Sep-26-08 01:00 PM
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'Laissez-faire' capitalism is finished, says France

The EUobserver interviewed European leaders on the US financial meltdown. Consensus is: The day of unrestrained, 'laissez-faire' capitalism is over!

Both France and Germany on Thursday (25 September) said the current financial crisis would leave important marks on the world economy, with French president Nicolas Sarkozy declaring that the under-regulated system we once knew is now "finished," and German finance minister Peer Steinbruck saying the crisis marks the beginning of a multi-polar world, where the US is no longer a superpower.

Speaking to an audience of some 4,000 supporters in Toulon, France, Mr Sarkozy said the financial turmoil had highlighted the need to re-invent capitalism with a strong dose of morality, as well as to put in place a better regulatory system.

"The idea of the all-powerful market that must not be constrained by any rules, by any political intervention, was mad. The idea that markets were always right was mad," Mr Sarkozy said.

"The present crisis must incite us to refound capitalism on the basis of ethics and work � Self-regulation as a way of solving all problems is finished. Laissez-faire is finished. The all-powerful market that always knows best is finished," he added.

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fascisthunter

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Fri Sep-26-08 01:01 PM
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1. "The all-powerful market that always knows best is finished,"

I like the sound of that.....

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LaurenG

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Fri Sep-26-08 01:05 PM
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3. Yep, I'm with you on this - it's time or this idiotic system to fail

and for the phoenix of fairness to take it's place. We are having our noses rubbed in the mess that the US greed mongers have allowed to flourish.

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rug

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Fri Sep-26-08 01:03 PM
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2. It never existed.

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Cleita

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Fri Sep-26-08 01:08 PM
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4. Wasn't it laissez-faire capitalism that toppled the monarchy of France

and brought the French Revolution? Maybe historians can help me, my memory is hazy here and I don't have the time to google right now. But if it did, why aren't we learning the lessons of history? It seems we need a new cabinet position in the government, political historian and historical committees in Congress, who will go back into history both past and present to study the outcomes of legislation and ideology before our country commits to policies that might be a repetition of previous mistakes.

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malaise

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Fri Sep-26-08 01:09 PM
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5. Hayek & Friedman should be dragged from their graves and executed

He and the morons who bought this crap are responsible for the deaths of millions of people across the globe.

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ixion

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Fri Sep-26-08 01:16 PM
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6. see, that's just the problem... the French have no word for 'Laissez-faire'

- paraphrased Monkey Boy quote.

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applegrove

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Fri Sep-26-08 02:45 PM
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7. Whoot!

:woohoo:

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